How to Calculate a Proof of Claim for Bankruptcy
If you are owed money by an individual or a business that filed for bankruptcy, then you need to understand the basics of preparing and filing a proof of claim. A proof of claim is the document that a creditor files with the bankruptcy court in order for a particular debt to be considered by the court. Absent a properly prepared and timely filed proof of claim form in a bankruptcy case, a creditor will not be able to exert any rights set forth by law.
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Instructions
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Obtain a proof of claim form from the United States Bankruptcy Court in which the case is pending. Technically you should receive a proof of claim form in the mail. However, if the debtor that owes you money failed to include you as a creditor, you will not receive a proof of claim form.
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Tally up the principal amount of the debt due and owing as of the date the bankruptcy case was filed. You do not utilize the initial amount lent to the debtor but rather the existing principal (assuming the debtor made at least some payments on the account or loan).
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Add together any interest, fees or other charges that accumulated on the account as of the date of the bankruptcy filing. On the date that the case is filed. the court issues what is known as an automatic stay. An automatic stay is an order of the court that prohibits a creditor from taking any additional action against a creditor, including adding more interest, fees or other charges to a debtor's account.
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Insert on the proof of claim form the amount of principal due and owing on the account. Some proof of claim forms have a separate line on which to enter principal. If there is only one space on the form to place the amount due and owing from the debtor, you will add the principal amount to the interest, fees and charges to come up with a grand total.
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Place the total of interest, fees and charges on the appropriate line on the proof of claim form. Again, on some proof of claim forms there are separate entries for principal and for interest fees and charges.
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File the completed proof of claim form with the clerk of the bankruptcy court in which the case is pending. You can mail the form to the clerk. However, if you do take this course, request that the clerk send back to you a "filed stamped" copy of the form, so that you have proof of filing.
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